TECO Energy completes sale of Hardee Power Station
TAMPA, October 2, 2003
TECO Energy’s TECO Power Services subsidiary today reported that it completed the sale of Hardee Power Partners, Ltd., the owners of the Hardee Power Station effective September 30th to an affiliate of Invenergy LLC and GTCR Golder Rauner LLC.
The sale, originally announced August 26, 2003, will generate cash proceeds of about $100 million, inclusive of escrowed amounts. In addition, the purchasers assumed all project-related debt including the synthetic lease associated with the facility. The transaction resulted in a pretax book gain of more than $60 million to be recorded in the third quarter. Proceeds from the sale are expected to be used to repay short-term indebtedness and for general corporate purposes.
TECO Power Services, Corporation is a subsidiary of TECO Energy, Inc. (NYSE: TE) is a diversified, energy-related holding company based in Tampa. Its principal businesses are Tampa Electric, Peoples Gas, TECO Transport, TECO Coal and TECO Solutions.